6.1c ERMUSR 06-04-2024��i
Elk River ,
Municipal Utilities UTILITIES COMMISSION MEETING
TO:
FROM:
ERMU Commission
Melissa Karpinski — Finance Manager
MEETING DATE:
AGENDA ITEM NUMBER:
June 4, 2024
6.1c
SUBJECT:
Staff Update
ACTION REQUESTED:
None
DISCUSSION:
• The 2023 Utilities Performance Metric Incentive Compensation was processed and
distributed to employees on May 17.
• 2023 Minnesota Electric Utility Annual Report for the Minnesota Department of
Commerce has been filed.
• Follow-up from April commission meeting:
o Interest rates on our outstanding bonds have a variable interest rate over their
lifetime. Remaining rates are as follows:
■ 2016A Bonds 2%-3%
■ 2018A Bonds 3.5%-5%
■ 2021B Bonds 2%-5%
■ 2021C Bonds 2%-4%
o The bond pre -payment provisions areas follows:
■ 2016A Bonds on or after February 1, 2025
■ 2018A Bonds on or after February 1, 2028
■ 2021B Bonds on or after August 1, 2031
■ 2021C Bonds on or after August 1, 2030
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